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90_HB3282
205 ILCS 305/68.5 new
205 ILCS 605/6 new
Amends the Illinois Credit Union Act and the Consumer
Deposit Account Act. Prohibits a financial institution from
imposing a fee on a deposit account as a result of the loss
of a check or money delivered to an employee of the financial
institution for credit to the account when the employee has
issued a written receipt.
LRB9008736JSgc
LRB9008736JSgc
1 AN ACT concerning fees imposed by financial institutions,
2 amending named Acts.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Credit Union Act is amended by
6 adding Section 68.5 as follows:
7 (205 ILCS 305/68.5 new)
8 Sec. 68.5. Lost deposits; fee prohibited. A credit
9 union must comply with Section 6 of the Consumer Deposit
10 Account Act.
11 Section 10. The Consumer Deposit Account Act is amended
12 by adding Section 6 as follows:
13 (205 ILCS 605/6 new)
14 Sec. 6. Lost deposits; fee prohibited. A financial
15 institution may not impose a service charge with respect to a
16 deposit account as a result of the loss of a check or money
17 that is properly deposited with the financial institution by
18 delivery to an employee of the financial institution for
19 credit to the deposit account and for which the employee has
20 issued a written receipt.